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<br /> Contractor shall ensure that Environmental Projection Systems, Inc. <br /> acquires a loan through Texas Certified Development Company, Inc. in the <br /> amount of Three Hundred Ninety-Seven Thousand and No/IOO Dollars ($397,000.00) <br /> to be used as follows: Three Hundred Eighty-Two Thousand and No/IOO Dollars <br /> ($382,000.00) to pay-off an interim construction loan with First National <br /> Bank, San Marcos and close into a permanent mortgage loan; and Fifteen <br /> Thousand and No/IOO Dollars ($15,000.00) for costs associated with the <br /> debenture sale. <br /> Contractor shall ensure that Environmental Projection Systems, Inc. <br /> injects One Hundred Nine Thousand and No/lOa Dollars ($109,000.00) in cash, to <br /> be used for purchase of the building. <br /> Contractor shall ensure that all above loans are repaid by Environmental <br /> Projection Systems, Inc. as contracted in their repayment schedu.le. <br /> Contractor shall ensure that if above loans are prepaid by Environmental <br /> Projection Systems, Inc. during the contract term, Contractor's loan must be <br /> prepaid proportionally. <br /> Administration <br /> Contractor shall utilize Twenty Thousand and No/IOO Dollars ($20,000.00) <br /> of contract funds to carry out all project administration activities, <br /> including the cost associated with the required program fiscal and compliance <br /> audit. <br /> Project Outcomes <br /> As a result of thi s project, Contractor sha 11 ensure that Envi ronmenta 1 <br /> Projection Systems, Inc. creates fifteen (15) permanent jobs of which ten (10) <br /> shall be provided to low and moderate income persons. Contractor shall ensure <br /> that Environmental Projection Systems, Inc. creates fifteen (15) jobs by <br /> December 14, 1990. <br /> Page 2 of 2 <br />